UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          LITIGATION RELEASE NO. 15921 /   September 30, 1998

          SECURITIES AND EXCHANGE COMMISSION v. Intercontinental Resources,
          NA, Inc., et. al., 98-7898CM (JGx) (USDC CD Cal.)

               The Commission filed a civil action today to halt efforts by
          a purported conglomerate located in the Los Angeles area to
          obtain funds from investors who are offered "free" shares of
          stock and then solicited to make loans to the company.  The
          company is Intercontinental Resources, NA, Inc. ("IRC"), which
          claims to be a mining, agriculture, timber, mineral processing
          and consulting company headquartered in Highland, California.
          Also named as defendants are IRC's president Thomas A.
          Rebenstorf, its president of African projects John C. Rebenstorf
          III, and its treasurer and acting secretary Bruce M. Rebenstorf.
          John Rebenstorf was enjoined by federal courts in 1976 and 1983
          for violations of the antifraud and other provisions of the
          federal securities laws.

               The Commission alleges that IRC and the Rebenstorfs misled
          investors with a litany of wildly exaggerated, inaccurate and
          incomplete statements concerning the company's assets and
          operations.  For example, the Commission asserts that IRC and the
          Rebenstorfs informed investors that the Nigerian government owes
          the company $26.5 million pursuant to a contract for the
          construction of computerized communication equipment in Nigeria
          even after the American embassy in Nigeria and the London, U.K.
          police told IRC that the supposed arrangement was non-existent
          and fraudulent.  According to the Commission, the defendants also
          falsely represented that IRC held an interest in a refinery and
          certain gold mining claims.  The complaint further alleges that
          the defendants misrepresented the status of IRC's efforts to get
          listed on Nasdaq or another public market.  The Commission also
          contends that IRC distributed false financial statements which
          inflated assets and revenues and understated liabilities.

               The Commission seeks preliminary and permanent injunctions
          to prevent IRC and the Rebenstorfs from continuing to violate the
          antifraud provisions of the securities laws, including Section
          17(a) of the Securities Act of 1933 and Section 10(b) of the
          Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and
          from obtaining funds on the basis of fraudulent information.  The
          Commission also seeks civil money penalties against the
          defendants.